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Mesic cautions against possible illiquidity

ZAGREB, Oct 9 (Hina) - A higher rise in income than in expenditure, growing employment and investment in long-term property are good trends in the Croatian economy, but a rise in liabilities in arrears is what should cause concern, Croatian President Stjepan Mesic said on Monday during his meeting with small and medium-sized entrepreneurs.
ZAGREB, Oct 9 (Hina) - A higher rise in income than in expenditure, growing employment and investment in long-term property are good trends in the Croatian economy, but a rise in liabilities in arrears is what should cause concern, Croatian President Stjepan Mesic said on Monday during his meeting with small and medium-sized entrepreneurs.

The event was organised in Zagreb by the Croatian Employers' Association.

The amount of unpaid liabilities of legal entities, coming to 11.2 billion kuna at the end of June, was four percent up from last year, and it is worrisome as it reminds us of a period of illiquidity at the start of the decade, all of which curbed economic activities, Mesic said.

He said that the main economic goals must be to accomplish objectives under the stand-by arrangement with the International Monetary Fund and to increase Gross Domestic Product this year by 4.5 percent, while maintaining an inflation rate between 3.5 and 3.75 percent and a budgetary deficit of three percent of GDP.

It is also necessary to increase the average rate of the return on investment, currently four percent in the real sector, which means that an entrepreneur can expect the return of invested means in 25 years' time. In OECD countries, this rate is 12 percent and the time period 8.3 years.

Mesic reiterated his opinion that it would be necessary to establish the social market economy contrary to a neo-liberal model.

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